Honda is bragging that his new 2013 Fit EV is leading the highest ever mile per gallon equivalency rating for an electric vehicle at 118 MPGe. To put that in perspective, the other EVs on the market come close, but fall just short of that 118 MPGe rating.

The Ford Focus Electric has rating of 110 MPGe, while the Prius plug-in hybrid gets 95 MPGe. The Chevrolet Volt is rated for 95 MPGe, and the Mitsubishi I EV has a 115 MPGe rating.

Honda estimates that the annual fuel costs for operating the Fit EV will be about $500. The little car promises 100 miles per charge of driving range from the 20 kWh lithium-ion battery pack. The Fit EV has combined city/highway driving range estimated 82 miles.

Honda designed the car to be efficient with a highly efficient powertrain design and weight conscious engineering combined with effective aerodynamics so the Fit is able to get a longer driving range from its smaller battery pack than other electric vehicles. The smaller battery pack also means faster charging time. Honda promises the Fit EV can charge in under three hours from the low charge indicator light coming on when connected to a 240 V circuit.

"Just as important as the industry-leading fuel-efficiency and fast recharging time, as a Honda, the 2013 Fit EV will be an absolute kick to drive," said Steve Center, vice president of the American Honda Environmental Business Development Office.

Honda plans to market the Fit EV in select California in emerging markets starting this summer and then roll the vehicle out on the East Coast in 2013.